Oil prices drop after US, Iran pause fighting over weekend
7/27/2026 12:12:29 PM
Oil prices tumbled more than 5% on Monday after the U.S. and Iran paused strikes over the weekend following two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.
Brent crude futures fell $5.70, or around 5.9%, to $91.08 a barrel by 0804 GMT after briefly slipping under the key support level of $90 earlier in the session.
Brent crude futures fell $5.70, or around 5.9%, to $91.08 a barrel by 0804 GMT after briefly slipping under the key support level of $90 earlier in the session.